Today, Bitcoin hit its all time high of a value of $11,773.83. I really do not understand that much of Bitcoin but it has been very fun to watch the growth over the past couple months. Even from the past week its value has plunged 20% last week and bounced back this week to hit over 11,700. According to Michael Novogratz he believes that by the end of 2018 Bitcoin will reach and estimated value of around $40,000. I really find that estimate very hard to believe. From what I know about Bitcoin I know that people stop finding a use for Bitcoin/ if it gets regulated in the future I see the value significantly going down because people will not see a use for it when there are already enough ways to buy things over the internet. In my opinion if Bitcoin does end up taking off to what some think will happen it will eventually put physical currency like coins and bills out of society. That is very weird to think about because the physical currency is something we have been using for over 150 years and to think that it could be completely irrelevant. I would love to here all of your opinions on what you think of Bitcoin and whether or no you think I am correct saying that it could put physical currency out of the loop.
https://www.cnbc.com/2017/12/03/bitcoin-hits-all-time-high-above-11700-as-recovery-accelerates.html
Although it is much different than physical currencies, I believe that cryptocurrency is the future, especially Bitcoin. The Bitcoin has been quickly rising, and I don't expect it to slow down soon. Eventually, it will correct itself, but won't be in the near future, in my opinion.
ReplyDeleteI think it still would take some time becoming the mainstream currency, since it requires a lot of time and equipment to even obtain it. Moreover, because of the algorithm reward system, the amount is limited and it gets more difficult to decipher the algorithm. I suppose we have to keep an eye on the issue for longer. It's the only currency that is not influenced by world market and all the different currencies, and that is one of the reasons why bitcoin is so unique and highly valuable.
ReplyDeleteLeft on its own, I believe Bitcoin has the potential to be the future of currency. However, there is a global rush throughout many countries' governments to regulate cryptocurrency markets, which poses a major threat to market stability. As such, I don't think it can be confidently said that Bitcoin is the future, but it certainly has the potential to do so.
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